Big Australian bank reports profits rise

By Agence France-Presse

Aug 12, 2021 1:21 am

SYDNEY: Australia's Commonwealth Bank reported an almost 20-percent rise in full-year profits on Wednesday, citing the country's economic rebound after earlier pandemic lockdowns for the turnaround.

The country's largest lender said after-tax cash profits soared Aus$8.65 billion ($6.35 billion) in the 12 months to June 30 as it cut provisions for loan losses after Australia's economy recovered from a pandemic-induced recession.

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